Saudi Arabia: Stranded Wire Market 2024

Stranded Wire Market Size in Saudi Arabia

In 2021, after four years of growth, there was significant decline in the Saudi stranded wire market, when its value decreased by -17.2% to $X. Overall, consumption, however, posted a strong expansion. Stranded wire consumption peaked at $X in 2020, and then declined remarkably in the following year.

Stranded Wire Production in Saudi Arabia

In value terms, stranded wire production contracted to $X in 2021 estimated in export price. In general, production, however, recorded significant growth. The pace of growth was the most pronounced in 2016 with an increase of 438%. Stranded wire production peaked at $X in 2020, and then reduced in the following year.

Stranded Wire Exports

Exports from Saudi Arabia

In 2021, approx. X tons of stranded wire, ropes and cables were exported from Saudi Arabia; with a decrease of -19.9% against 2020 figures. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 196% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020, and then reduced markedly in the following year.

In value terms, stranded wire exports contracted to $X in 2021. In general, exports, however, posted a strong increase. The growth pace was the most rapid in 2018 when exports increased by 203%. Over the period under review, the exports reached the peak figure at $X in 2020, and then fell in the following year.

Exports by Country

Yemen (X tons), Kuwait (X tons) and the United Arab Emirates (X tons) were the main destinations of stranded wire exports from Saudi Arabia, together comprising 69% of total exports. These countries were followed by Egypt, Iraq, Australia, Bahrain, Jordan and Oman, which together accounted for a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +63.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for stranded wire exported from Saudi Arabia were Yemen ($X), the United Arab Emirates ($X) and Kuwait ($X), with a combined 71% share of total exports. Iraq, Egypt, Australia, Bahrain, Oman and Jordan lagged somewhat behind, together comprising a further 20%.

Australia, with a CAGR of +64.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average stranded wire export price stood at $X per ton in 2021, surging by 8.2% against the previous year. Over the period under review, the export price continues to indicate a strong increase. The pace of growth appeared the most rapid in 2019 an increase of 94% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Iraq ($X per ton), while the average price for exports to Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (+17.5%), while the prices for the other major destinations experienced more modest paces of growth.

Stranded Wire Imports

Imports into Saudi Arabia

In 2021, purchases abroad of stranded wire, ropes and cables decreased by -31.2% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 68%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, stranded wire imports fell remarkably to $X in 2021. Over the period under review, imports saw a abrupt descent. The pace of growth appeared the most rapid in 2020 with an increase of 68%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Bahrain (X tons), China (X tons) and the United Arab Emirates (X tons) were the main suppliers of stranded wire imports to Saudi Arabia, together accounting for 72% of total imports. These countries were followed by India, South Korea, Malaysia, Italy, the UK and Singapore, which together accounted for a further 15%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +72.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Bahrain ($X), China ($X) and the United Arab Emirates ($X) were the largest stranded wire suppliers to Saudi Arabia, with a combined 59% share of total imports.

Among the main suppliers, the United Arab Emirates, with a CAGR of +16.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average stranded wire import price amounted to $X per ton, rising by 11% against the previous year. In general, the import price, however, continues to indicate a mild slump. The pace of growth appeared the most rapid in 2017 when the average import price increased by 28%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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